Fossil fuel companies want to burn 5 times the coal, oil and gas reserves that science shows the atmosphere can take in order to keep global warming to 2 degrees Celsius.

We know we can’t switch off fossil fuels tomorrow, but we need to get serious about the transition to renewables and stop opening new coal mines.

Globally, major lenders have recently spoken out on the responsibility and role of lenders in transitioning beyond coal. The World Bank and the European Investment Bank (the EU’s lending arm) have both announced they will make no new loans to coal power plants except in extreme circumstances.

The US government and the governments of Norway, Sweden, Denmark, Iceland and Finland have all followed suit by announcing they are stopping loans to overseas coal plants.

Westpac’s financing helps Bathurst Resources pursue their plans to mine up to 84 million tonnes of coal on the West Coast’s Denniston Plateau and along the adjacent Buller plateau. This would put another 218 million tonnes of CO2 into the atmosphere.

Ask Westpac to Live Up to its Promises on Sustainability Westpac prides itself on winning the 2011 “Sustainable Business of the Year” award. It says “we’ve put sustainability at the heart of our culture” … “our commitment to the environment covers our own operations as well as the impact of their products and services”.